YEREVAN, April 28. / ARKA /. The AJA free economic zone in Yerevan and seven jewelry companies have signed today a cooperation agreement.

Free economic zone CEO, Artak Udumyan, said the seven companies are Tankarzhek (Russia), Durus (USA), Gold Fox (USA), Alex (Algeria), Golden Solutions (Jordan), Perlite (Malka Amit ) , as well as a Russian entrepreneur Katherine Gevorgyan, who intends to establish a company for the production of gold and silver jewelry.

Udumyan said several more agreements are expected to be signed in late May this year ‘with very serious foreign companies.’

He also said these companies will create over 1,000 new jobs and export their products to Russia, the U.S., India, Israel, UAE, Hong Kong, Thailand, Pakistan and other countries.

Deputy economy minister Tigran Harutyunyan noted that these jewelry companies will be exempted from all taxes. He said the free economic zone is expected to house 150 foreign companies in 2015.

The free economic zone was initiated the Union of Armenian Jewelers. It will sign a 10 year agreement with the government of Armenia that can be prolonged for another 20 years. -0-